On 12 June 2014, HM Treasury, the Bank of England and the FCA announced the Fair and Effective Financial Markets Review, a review into the way wholesale markets operate. The review will consider and recommend, among other things:

  • principles to govern the operation of fair and effective financial markets (taking account of existing rules and regulations);
  • reforms to ensure standards of behaviour for firms within those markets are in accordance with those principles; and
  • tools to strengthen the oversight of market conduct within both regulated and unregulated markets.

A final report will be issued in June 2015.

The press release for the review is available at:

https://www.gov.uk/government/news/fair-and-effective-markets-review-announced-by-chancellor-of-the-exchequer

The terms of reference for the review are available at:

https://www.gov.uk/government/publications/fair-and-effective-markets-review-terms-of-reference/fair-and-effective-financial-markets-review-terms-of-reference

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